Crypto Markets Soar After The FED Interest Rate Hike: Report

Crypto markets soar after the FED interest rate hike and added around $100 billion in one day as we are reading more today in the cryptocurrency latest news.

Unlike the previous FED interest hikes, Bitcoin went on a roll and added $2000 in a few hours to set a new high and the altcoins were also in the green on a daily scale with ETH surging above $1600 and some bigger gains from eTC, UNI and DOT were evident. After the quiet weekend where BTC stood around $23,000 with the working week starting another drop and the first came on Monday after seeing that $1000 was erased and 24 hours later, it mimicked the previous movement.

As such, BTC dropped below $21,000 to a new low and the asset recovered some ground and stood near $21,000 but the community expected a volatile day after the US FED’s latest meeting that happened last night. The price fluctuations came fast unlike other examples but it then brought gains for the main cryptocurrency and BTC spiked to $22,000 and continued upwards to a 6-day high of more than $23,000 registered a few hours ago. This led to a $400 million worth of liquidation and since the local peak, BTC lost ground and trades under $23,000 but the market cap surged to $440 billion.

The crypto markets soar after the FED interest rate and as it often happens during the volatile tradign days, most altcoins reacted with more fluctuations. Ethereum is the leader in terms of daily gains from the bigger cap altcoins and maybe it was fueled by the latest developments on the Merge front with ETH being up by more than 10% and sitting above the $1600 level. BNB jumped by 6% close to $270 with more gains being evident from Ripple, Cardano, Solana, Matic, AVAX, and DOGE and dOT made double-digit as well trading north of $7.5. ETC and UNI were among the biggest performers from the mid-cap altcoins and the overall market cap reclaimed the coveted $1 trillion mark after the $100 billion daily increase.